Quote:
Originally Posted by Unregistered
male, single
25 going on 26
living at home with parents
- current salary $5.0-5.3k/ month
- bought a $1.2mil condo in 2012 - will TOP in 2015/16 (parents paid down payment of course)
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A $1.2m condo sounds like a stretch for your income level even though your parents paid for the deposit. Assuming a 30-year loan of $960k, and using 3.5% as interest (
MAS guide), your monthly installment is $4,300. This amount is more than 80% of your monthly salary, way above the prescribed TDSR of 60%.
Did you obtain the loan before the TDSR policy kicked in?